AWP Rental Market valuation to surpass 21 billion euro mark by 2024

United Rentals, Inc’s recent acquisition of Neff Corporation has sent out waves of anticipation across the rapidly expanding AWP rental market. The latest deal is reported to have been concluded at a striking USD 1.3 billion and was primarily funded via freshly issued unsecured debt. Apparently, this take over is in line with the US based company’s expansion strategy which aims to enhance its earthmoving capabilities in the crucial growth terrains of the global AWP rental industry.

Meanwhile, it has to be noted that acquiring minor and upcoming firms has emerged as one of the chief business augmentation strategies that is being adopted by prominent players in the AWP rental market lately. This change can be attributed to the rising tendency of renowned access platform makers to offer a wide range of services and equipment by leveraging the technologies developed by new entrants in the AWP rental industry. Boasting of a massive application base comprising transportation & logistics, construction, government, and telecommunication, evolving a consumer-centric approach has been the focal point of AWP rental market participants.

How innovative products have been providing a renewed boost to the overall AWP rental industry

Owing to the massive increase in residential and commercial construction projects across the globe, major AWP rental market players have been focusing on launching advanced access platforms. Moreover, the enormous rise in infrastructural investments in the public sector has compelled industry participants to manufacture value-added and customized products. Enlisted below are a few instances of the launch of ground breaking products in AWP rental industry:

The leading UK-headquartered aerial based platforms manufacturer, Snorkel has recently showcased its unique A46JRT boom lift at the International Construction and Utility Equipment Exposition show in the US. Apparently, the latest boom lift comes with a special package of features which are specifically designed for the utility sector. Furthermore, the new boom lift is equipped with a 2kW AC generator, a Kubota V1505 diesel engine, Snorkel Guard secondary guarding system, a 5 feet aluminum platform with a swing gate, and two grounding loops.

Regarded as a global leader in AWP rental industry, GMG Inc. has been reported to roll out numerous high-grade boom and scissor lifts this year. The first among them would be the 1330-ED micro scissor lift that would weigh only 1,892 pounds but is said to offer the spaciousness of a slide-out extension deck, all-electric drive, and a strong platform capacity of 530 pounds. Needless to say, the soon-to-be-launched micro scissor lift appears to have been manufactured with the objective of aligning with the evolving requirements of the construction sector.

With extensive maintenance and repair activities revamping existing transformers & power cables, street lights, fire stations, and other associated infrastructure, North America is projected to heavily influence growth prospects of AWP rental industry. Speaking of which, the firms offering rental equipment in this region have been mandated by regulatory authorities to strictly adhere to human safety concerns. This has, in consequence, fueled the AWP rental market share expansion across the nations in the North American region.

Concurrently, various emerging economies world over have been allocating massive budgetary proceeds to construct mega-infrastructure projects including visionary smart cities, magnificent airports, and other industrial complexes. Subsequently, the successful execution of these gigantic projects rests upon numerous business verticals, of which AWP rental market is undoubtedly among the most crucial ones.

Moreover, the increasing number of fatal injuries across hazardous business domains has compelled government authorities to mandate utilization of these equipment, which would further boost the growth potential of AWP rental industry in the ensuing years. In fact, as per a research report by Global Market Insights, Inc., AWP rental market is forecast to exceed an impressive valuation of USD 24 billion by 2024.

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Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...